Five changes to CPF rules

[xiaomitao]

Are you aware of spousal income criteria?

Thanks! Keeps forgetting every year

 

[kimsix]

Wondering if this is what was mentioned earlier in Sep? Or there's more coming..

it probably is the same, this is the final results .
As i said in previous thread, dont think of big headline changes, what they are going to do, already mentioned if you read further down .

https://forums.hardwarezone.com.sg/...oding-its-core-purpose.6590594/post-136401117

 

[reddevil0728]

it probably is the same, this is the final results .
As i said in previous thread, dont think of big headline changes, what they are going to do, already mentioned if you read further down .

https://forums.hardwarezone.com.sg/...oding-its-core-purpose.6590594/post-136401117

It's ok to have sinister views which might not be shared with others.

 

[kimsix]

It's ok to have sinister views which might not be shared with others.

there is nothing sinister here. jaded maybe, but sinister? cant see any. or did you mean minister?

you can continue to wait for tsl to announce bigger changes.

but i bet my kkj this is all there is to it.

...until the next big headlines and the dreams can continue

 

[reddevil0728]

there is nothing sinister here. jaded maybe, but sinister, cant see any.

you can continue to wait for tsl to make bigger changes.

but i bet my kkj this is all there is. until the next big headlines

Not sure if you have misinterpreted it... He only said he plans to "simplify the CPF system".

Whether it is simplified or not is debatable.

Nothing to do with party politics.

 

[proton_cannon]

Not sure if you have misinterpreted it... He only said he plans to "simplify the CPF system".

Whether it is simplified or not is debatable.

Nothing to do with party politics.

It sounds like you are the one bringing in and playing up party politics.

 

[badsector]

from ST today

 

[reddevil0728]

It sounds like you are the one bringing in and playing up party politics.

The post poster linked talked about pap media…

 

[swathe]

Given that MA+SA 'share' a common pool with same interest rates, where you top up that $8k makes no diff?

“withdraw your Retirement Account savings (excluding interest earned, any government grants received and top-ups made under the Retirement Sum Topping-up scheme) above your BRS.”

If you top up directly to SA using RSTU, there are some restrictions to withdrawal from what I understand.

If you top up MA, then it hits BHS resulting in overflow to SA, that is consider normal CPF contribution to SA

 

[sgbird]

CPF VA topup increase to 8K from 7K, good news for young ppl.

 

[reddevil0728]

“withdraw your Retirement Account savings (excluding interest earned, any government grants received and top-ups made under the Retirement Sum Topping-up scheme) above your BRS.”

If you top up directly to SA using RSTU, there are some restrictions to withdrawal from what I understand.

If you top up MA, then it hits BHS resulting in overflow to SA, that is consider normal CPF contribution to SA

But doesn't really matter right? Since money is fungible, the restricted one can be counted towards FRS, freeing up the rest for withdrawal.

 

[reddevil0728]

CPF VA topup increase to 8K from 7K, good news for young ppl.

CPF VA?

 

[sgbird]

Sorry, typo. Should be VC - Voluntary Contribution

 

[BBCWatcher]

But doesn't really matter right? Since money is fungible, the restricted one can be counted towards FRS, freeing up the rest for withdrawal.

The SA cash top up distinction only ever matters if you're going to make a substantial lump sum withdrawal from your Retirement Account to drop it well below the Full Retirement Sum. Since I would be essentially financially insane to make such a withdrawal, I ignore this distinction. Others may feel differently, but hopefully not too many people in this forum.

I still think it's prudent to lean into Voluntary Contributions to MediSave ahead of SA top ups with tax relief. It's not for this reason (future RA withdrawal). It's rather because MediSave dollars can be used at any age, including for loved ones. MA dollars are more liquid than SA dollars at least before age 55, and that's something of a tie breaker. Yes, the way MediSave works once it hits the Basic Healthcare Sum is an interesting feature, another argument in favor of leaning into MediSave first when you're chasing CPF-related tax relief.

I might feel differently when it comes to those age 55+ with Retirement Accounts. Then the prioritization might shift, particularly if Matched Retirement Savings Scheme dollars are at stake.

 

[reddevil0728]

Sorry, typo. Should be VC - Voluntary Contribution

Do you mean SA?

 

[BBCWatcher]

Has the 2022 Basic Healthcare Sum been announced yet?

The CPF Board has now posted a summary of the rule changes here.

 

[reddevil0728]

The SA cash top up distinction only ever matters if you're going to make a substantial lump sum withdrawal from your Retirement Account to drop it well below the Full Retirement Sum. Since I would be essentially financially insane to make such a withdrawal, I ignore this distinction. Others may feel differently, but hopefully not too many people in this forum.

I still think it's prudent to lean into Voluntary Contributions to MediSave ahead of SA top ups with tax relief. It's not for this reason (future RA withdrawal). It's rather because MediSave dollars can be used at any age, including for loved ones. MA dollars are more liquid than SA dollars at least before age 55, and that's something of a tie breaker. Yes, the way MediSave works once it hits the Basic Healthcare Sum is an interesting feature, another argument in favor of leaning into MediSave first when you're chasing CPF-related tax relief.

I might feel differently when it comes to those age 55+ with Retirement Accounts. Then the prioritization might shift, particularly if Matched Retirement Savings Scheme dollars are at stake.

Putting aside opinions, just want to know whether factually that’s true?

i.e., even though CPF SA top up is set aside and can’t be withdrawn, by virtue of making up the FRS, the restricted amount will count towards FRS first allowing the other non restricted amount to be withdrawn.

 

[reddevil0728]

Has the 2022 Basic Healthcare Sum been announced yet?

The CPF Board has now posted a summary of the rule changes here.

https://www.cpf.gov.sg/member/faq/h...lthcare-sum/what-is-the-basic-healthcare-sum-
Seems like a no.

 

[andyhtc]

I just realised I can top up my Medisave (after using some to pay off insurance plans). I topped up a bit today so that I can get some tax-saving.

 

[reddevil0728]

I just realised I can top up my Medisave (after using some to pay off insurance plans). I topped up a bit today so that I can get some tax-saving.

That’s been the case as long as it is below Annual Limit